What does 0% intro APR mean?

Introductory periods can apply to new purchases,balance transfersor both.

You’ll still have to make the requiredminimum monthly paymentsand repay the balance before the promotional period ends.

You’ll still likely have to pay a balance transfer fee.

What are balance transfer fees?

How does a 0% APR intro offer work?

That way, you might start taking advantage of the offer as soon as you’re approved.

Also find out whether the promotional offer applies to new purchases, balance transfers or both.

There also may be additional rules for how long you have to make balance transfers.

Just because it’s a 0% APR card doesn’t mean it’s free of fees.

There could still be fees for late payments, cash advances and foreign transactions.

Many of these fees may apply during the 0% introductory period, including balance transfer fees.

Depending on the issuer’s terms, you could start to incur interest on your balance immediately.

Read the fine print in any agreement before you sign.

Is a 0% APR offer the same as deferred interest?

What happens when a 0% APR period ends?

After that, a variable APR will apply, and any outstanding balance will get that higher interest rate.

Another option is to apply for a fixed-rate personal loan.

7 things to know about 0% APR credit cards

1.

After that, a variable interest rate applies.

Any outstanding balance will start accruing interest after that.

Before you apply, see how long the 0% APR introductory offer lasts.

If possible, choose a card with the longest introductory period.

Though a 0% introductory APR offer may sound nice, always read the fine print.

You could even start accruing interest at a higher penalty rate on your balance immediately.

As you’re browsing offers, see what the minimum credit score requirement is.

If you plan to continue using the card, you could earn rewards on your purchases going forward.

FAQs

Does 0% APR mean no monthly payment?

You still must make at least the minimum payment each month.

A 0% APR offer only means you won’t accrue interest on your balance during the promotional period.

How can you make the most of 0% APR offers?

Use the 0% promotional period to pay off as much of your balance as possible.

Does missing a payment for a 0% APR credit card hurt your credit score?

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